Sometimes it is interesting to view statistics for an area. Downtown San Diego condo statistics are interesting because you can compare what sellers are asking for their Downtown San Diego condo and what buyers are willing to pay for the same type units. As you can see from the graph below, buyers are just not willing to buy units at the upper end or higher priced.
Look at the graph and you will see there is basically a $200,000 diffence between asking and selling prices. We are experiencing this discrepancy in our own sales. Buyers in the marketplace right now are looking and purchasing at the lower end of the market. Investors purchasing all cash are creating multiple offer situations in many of these sales. Inventory in the under $300,000 Downtown San Dieg marketplace is definitely drying up faster than you can imagine. It is hard for an FHA or VA buyer to compete with an all cash buyer who makes an offer 45 minutes after the property appears in the MLS (multiple listing service).
This press on the lower end of the Downtown San Diego condo market makes it important for a buyer to have an agent who knows downtown San Diego and who monitors inventory. If you are thinking about buying downtown, get out their and familiarize yourself with the buildings and the neighborhoods. Get yourself preapproved by a mortgage lender. Utilize your agent's skills to find you the unit you want to purchase. Don't dilly dally. There is competition out there who will push you out of the way if you are not prepared.
We have several sources of information you can use in your search. Check out Downtown San Diego statistics by visiting our Market Insider 92101 page. Search Downtown San Diego condos by neighborhoods or buildings on our Downtown Neighborhood Search website.
This is a series of articles by Sharyn and Victoria Crown, downtown San Diego real estate agents. Visit us at www.on-linesandiegohomes.com or www.downtowncrowns.com